I have a bachelors degree in Political Science and minor in legal studies in business. No accounting. Can I still open up an office? I did studying on the side without schooling.
Yes, but i dont think you could do any of the work, you would have to hire a couple of CPAs on the staff. and Im not sure if you can afford that. Best of luck with everything though
What’s the best and easiest software to use for an LLC accounting and/or tax needs?
There is not one package that will do both Accounting and Taxes.
Quickbooks should do everything that you need from the accounting side. Find a CPA/EA for the tax side. Many tax programs can input data directly from Quickbooks (assuming Quickbooks has been set up correctly).
I recently purchased a brand new car. I paid $1280 in sales tax for Michigan. How much additional will I get back in Federal taxes? I make $30,000 a year and I am married and have 2 children. Help me out if you can.
Depends on your tax bracket. If you’re in a 15% bracket, you’ll "get back" about 15% of that $1280.
Hi, I am single with 3 children, I have been unemployed for the entire year. Do I recieve the the earned income credit for the kids? Please tell me what you know NOT what you think.
and aren’t you suppose to recieve money just for having children? Ain’t it called earned income deduction for the children up to 2 children or more?
Go online to irs.gov, and either read the pdf file or order Pub 17 and other related publications and read them while your children are asleep. It might be more advantageous if the father is able to (as per the courts and/or irs) and does claim the children as dependents to lower his tax bill. The IRS has rules and guidelines for everything you need to do taxes.
it is for company accounting.
What does AASB112 say? What can you logically deduce from that? There’s your answer – or you’ll find your answer in your textbook 
I am currently taking an income tax accounting class online, and I am having some difficulty grasping some of the concepts in the book. Does anyone know of good reference material to assist me in the learning process? The book that is required for class isn’t very tutorial. It more or less seems to just talk at me, without aiding me in grasping the terminology. I hate getting sub-par grades. I really shouldn’t have taken this class online, I guess.
I think this is the nature of taxes. Often dry and confusing.
Are we talking about individual taxes? If so, perhaps publication 17, from the IRS website may help. Its the IRS guide to preparing individual tax returns.
…. in exchange for my accounting and tax services? I was thinking that a partnership could save cash flow if a partner was capable of doing these professional services. I’m a CPA and am exploring the possibility of doing the professional services for a partnership interest.
Here’s a very short story/anecdote, concluding with a very old saying which I heard on a tape:
On a very cold winter day, a man is sitting in front of his wood-burning stove demanding heat: “Give me heat – then I‘ll light the fire.”
I think the above applies to your situation. I never heard of anyone getting a position “at the top” without “paying dues” and proving himself or herself to those he/she works with AND the people at the top.
To me this is
A] the ability to properly understand and interpret the tax laws and statutes as they apply on the local, county, state/commonwealth and national levels;
B] properly communicate and work well with those folks in the office and in the field where the properties are located;
C] understanding and completing all reports and communications on a consistent, timely basis – on-time or ahead-of-time – every time for an extended period of time [how long and what those reports are is another matter];
D] the ability to make presentations as to why or why not a procedure [or a deduction] works or doesn’t work [notice I didn‘t say “may“. When working with numbers, as far as I‘m concerned its cut and dry - “Yes, it will work.” OR “No, it won‘t work.”].
E] "Going the extra mile" – not because you have to do it or you were asked or told to do it, but because you KNOW its the right thing to do AND YOU KNOW IT SHOULD BE DONE.
I won’t discount your ability or claims as a CPA, but FIRST you have to prove you are THE person – as I described above (which "only scratches the surface") for THAT position to your co-workers as well as the members of the Board of Directors.
Would I hire you? I really don’t have an opinion – one way or the other. This requires interviewing you, “putting you through your paces” on a trial basis and discussing how well [or not-so-well] you did with those you work with as well as the other Board members.
You have your work cut out for you, don’t you?
I wish you well!
VTY,
Ron B.
I’m trying to find a good, relatively easy to use, tax and accounting program for a small sole proprietorship. Any suggestions?
I really like Quickbooks.
Very user friendly and extremely easy to set up.
Great for Small business in my opinion. Check it out.
I want to go to college and study accounting. After that I hope to earn my CPA then have some experience in the work field. I then hope to open a tax and book keeping business.
Will it bring in a decent amount of money?
How much would you say you could make of such a small business?
Bookkeeping is lower dollar – you can hire someone else to do that sort of stuff.
CPA – now you’re talking! Say, oh, about $150 per hour. But the downside is that you have to keep up on all the new tax regulations and such that come out every few months.
A has200 shares with an adj basis of 120000 and FMV of 250000 so in that case what will be the basis of A?
Your basis is your original cost, reduced by accumulated depreciation, if applicable, and increased by any additions you have made, and any cost of disposition. Adjusted basis vs market value = gain or loss